WASHINGTON, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Connected Health Device Market finds that increasing monitoring home healthcare is expediting market growth. Primarily driven by increasing in the telehealth and remote patient nursing sector, the total global Connected Health Device Market is estimated to reach USD 5.24 Billion by 2028.
The market valued at a revenue of USD 1.92 Billion in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 25.6%.
Furthermore, the increasing government support and initiatives and the growing focus on the quality of care and patient safety is also anticipated to augment the growth of the global Connected Health Device Market, states Vantage Market Research, in a report, titled “Connected Health Device Market by Application (Consumer (Patient) Monitoring, Wearable Device, Internally Embedded Device, Stationary Device), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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- Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
- Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using Vantage Market Research methodology.
(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
Market Dynamics:
Increasing Wearable Devices Healthcare Sector to Fuel Global Connected Health Device Market
The technology continues to change patient care and the patient's desire to observe their health has improved, the adoption of smartphones and wearable devices which fetches a new set of advantages to the market. Wearable devices such as trackers, blood pressure monitors, glucose meters help track movements as calories burned, heart rate, distance travelled, and others. By using these devices, the expenses suffered for regular check-ups are substantially decreased as patients can study self-medical parameters. Like, in May 2020, Philips acquired clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100), which will allow managing confirmed and presumed COVID-19 patients in the clinic.
Increasing Personalized Healthcare Solutions to Stimulate the Market Growth
The personalized healthcare can deliver solutions to chronic health issues and numerous lifestyle diseases by developing technologies founded on recent findings in genomics, behavioural sciences, diagnostics, & clinical treatment. In September 2020, Roche presented a remote patient monitoring solution that enables healthcare professionals to manage people with disorders even outside of care environments. Further, businesses globally have discovered the ability to use personalized healthcare solutions to improve skills and profitability. The McKinsey, market has seen unique activities such as a higher level of funding. Like Teladoc Health, in October 2020, announced the acquisition of Livongo for USD 18.5 billion, which will allow the company to accelerate virtual care delivery such as remote monitoring. Thus, such personalized healthcare solutions and business funding are building a solid foundation for the related healthcare industry and thus accelerating the related healthcare market growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Connected Health Device Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Connected Health Device Market
North America has dominated the global Connected Health Device Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the rising consolidation among healthcare providers, the general adoption of clinical device connectivity & interoperability solutions to curtail the growing healthcare expenditures. The rising number of coronavirus patients in the US, and strict regulations and guidelines laid down by the various administration & non-government authorities such as the Health Insurance Portability & Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare & Medicaid Services (CMS) are also expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Connected Health Device Market during the forecast period. This is attributable to the due to the substantial increase in the usage of smartphones by people and physicians. Furthermore, the growth in remote patient monitoring assistance to monitor different health and medical diseases from a remote site propels the market growth. According to Healthcare IT News, in 2020, the Digital Healthcare Act (DVG) officially authorized doctors in Germany to prescribe medications through apps to their patients is also expected to support the growth of the Connected Health Device Market in near future.
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on "Connected Health Device Market by Application (Consumer (Patient) Monitoring, Wearable Device, Internally Embedded Device, Stationary Device), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/connected-health-device-market-093932
List of Prominent Players in the Connected Health Device Market:
GE Healthcare, Honeywell International Inc., Medtronic Inc., Abbott Laboratories, Koninklijke Philips NV are the major companies operating in the Connected Medical Device Market.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Connected Health Device Market?
- How will the Connected Health Device Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Connected Health Device Market?
- What is the Connected Health Device market drivers and restrictions?
- What will be the CAGR and size of the Connected Health Device Market throughout the forecast period?
Recent Developments:
July 2020: July 2020 – Teladoc Health, Inc., a leading company in virtual care, announced the completion of the acquisition of InTouch Health. This acquisition will deliver innovative telehealth capabilities connecting providers to one another in complex medical circumstances.
This market titled “Connected Health Device Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 1.92 Billion |
| Projected Market Size in 2028 | USD 5.24 Billion |
| CAGR Growth Rate | CAGR of 25.6% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Application
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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